Bankruptcy Myth 01
Bankruptcy relief is no longer available.
On the contrary… bankruptcy is still very much available and affordable to the average debtor.
In fact, you can accomplish just about anything under the new law that you could under the old law. In some ways, the new law actually makes it easier to file for bankruptcy – we’ll tell you how.
Many people that would have qualified for bankruptcy under the old law think – incorrectly - they would not qualify for bankruptcy today. Studies have proven, however, that that overwhelming majority of people who actually filed under the old system would meet today’s eligibility requirements as well.
The main differences are that the new law:
- Imposes additional paperwork requirements
- Puts additional measures in place to prevent dishonest debtors from “abusing the bankruptcy system”; and,
- Provides incentives for people to file under Chapter 13 - rather that Chapter 7, if they have a meaningful amount of income left over each month after their reasonable and necessary living expenses.
The bottom line is that you are probably as likely to qualify now as you were before the new law was passed. To schedule a free, relaxing debt consultation, call us now at 864-239-0007 or toll free at 1-888-711-3422 (South Carolina residents only).
